BNY Mellon Asset Servicing has set up a dedicated global outsourcing group. Lou Maiuri, CEO and chairman of Eagle Investment Systems, will take on the additional role of global head of outsourcing, reporting to Jim Palermo and Tim Keaney, co-CEOs of BNY Mellon Asset Servicing.
The firm says market turmoil over the past year has accelerated the appetite for outsourcing, with more firms choosing to focus on core competencies while outsourcing other functions. Wall Street's outsourcing needs are becoming more sophisticated, with a shift from mere process replication to cost savings and efficiencies.
The new unit will offer back office functions such as administration and recordkeeping and middle office servicing capabilities on a single platform. Maiuri will have direct responsibility for all aspects of the outsourcing business including product design and architecture, client solutions and implementation, and product profitability. He will work alongside BNY Mellon's regional business, operations and technology groups to design and implement outsourcing solutions.
In addition to his new role, Maiuri will remain chairman of Eagle. John Lehner, currently Eagle's president, will take over the role of Eagle CEO as of January 1, 2010.
BNY Mellon Asset Servicing today services 54 outsourcing clients with $1.7 trillion in assets.